Office

Unum Life Insurance Provides $13M Refinancing for Denver Dry Goods Building

by Nellie Day December 12, 2016

DENVER — Unum Life Insurance Company of America has provided a $13 million refinancing for the Denver Dry Goods Building, an 84,495-square-foot retail and office building located in downtown Denver. Leon McBroom and Kristian Lichtenfels of HFF worked on behalf of the borrower, Jonathan Rose Cos., to secure the 10-year, fixed-rate loan. HFF will service the loan. The property — which is a designated historic landmark — is home to tenants including T.J. Maxx, Visit Denver Center, Jason’s Deli, Starbucks Coffee, Denver Urban Renewal Authority, the Aveda Institute and Yuthok Jewelry.

December 12, 2016

Georgia Mixed-Use Office Southeast Top Stories

Selig Development to Build $400M Mixed-Use Project in Midtown Atlanta

by Jeff Shaw December 12, 2016

ATLANTA — Atlanta-based Selig Enterprises Inc. has launched a new division known as Selig Development Corp., whose first development will be a $400 million mixed-use project located at 1105 W. Peachtree St. in Midtown Atlanta. The project will feature 645,000 square feet of Class A office space, 80 residential units and a 150-room boutique hotel, along with street-level retail space. The 32-story office tower leads the project, encompassing an entire city block. Totaling more than 3.5 acres between the 10th Street and Art Center MARTA train stations, the site is situated across from the new Northside Hospital Medical Office and a Whole Foods Market currently under construction. Selig Development expects to begin construction on the project in mid-2017. The office portion is expected to be ready for occupancy beginning in the fourth quarter of 2019. Selig Development is in discussions with several tenants for the new office tower, and plans open nearly 50 percent pre-leased. The boutique hotel will feature an outdoor pool, pool bar and event space within a 38,000-square-foot, deck-top plaza. The 80 residential units will start above the hotel rooms in the same tower and feature two- and three-bedroom units. The residential portion will have access to hotel amenities, …

December 12, 2016

Industrial Northeast Office Pennsylvania

Skanska USA Building to Renovate Laboratory Facility in Pennsylvania for $45M

by Amy Works December 9, 2016

UPPER PROVIDENCE, PA. — Skanska USA Building has signed a contract to renovate GlaxoSmithKline’s (GSK) laboratory and office space in Upper Providence. The project includes the demolition of four floors of existing laboratory space and a new build out of about 100,104 square feet of SMART Lab space, supporting GSK R&D’s Upper Providence facility investments. Construction is slated to begin in December with completion scheduled for October 2017. The contract is worth $45 million and will be included in the order bookings for Skanska USA Building in the fourth quarter.

December 9, 2016

Healthcare Office Texas

HFF Facilitates Sale of Coit Medical Center in Dallas

by Amy Works December 9, 2016

DALLAS — HFF has arranged the sale of Coit Medical Center, a medical office building located at 12230 Coit Road in Dallas. Mohr Capital sold the 32,201-square-foot property to Anchor Health Properties for an undisclosed price. Baylor Scott & White Health, Greater Dallas Orthopaedics, Legacy Heart Care, Texas Orthopaedic Surgical Associates and Lester Plastic Surgery occupy the fully leased building, which was built in 2009. Evan Kovac, Todd Savage, Philip Mahler and Ben Appel of HFF represented the seller in the deal.

December 9, 2016

Georgia Office Southeast

PCCP, Carter Sign Honeywell to 62,000 SF Lease at 715 Peachtree in Atlanta

by John Nelson December 9, 2016

ATLANTA — PCCP LLC and Carter have leased more than 62,000 square feet of office space to Honeywell International Inc., a global technology company with ties to the aerospace and homebuilding industries, at the 715 Peachtree building in Midtown Atlanta. Honeywell expects to grow to more than 700 employees at the building over the next five years. The firm is investing roughly $19 million into the new office space, which will house the company’s Home and Building Technologies headquarters. The 10-story, 318,000-square-foot office building is situated adjacent to Fox Theatre. The property was originally constructed as the regional headquarters for J.C. Penney.

December 9, 2016

California Loans Office Western

Ready Capital Provides $7.3M Loan for the Former Daily Transcript Building in San Diego

by Nellie Day December 8, 2016

SAN DIEGO — Ready Capital Structured Finance has provided $7.3 million in financing for a 33,191-square-foot office building in the San Diego submarket of Bankers Hill. The loan will be used to refinance, renovate and stabilize the property, the former Daily Transcript Building. The sponsor plans to fully renovate the property by creating open floor plans to target creative office users, which will include usable rooftop access for all tenants. The non-recourse, interest-only loan features a two-year term and one-year extension option with flexible pre-payment. The pre-payment includes a facility to provide for the future funding of interest and carry, capital expenditures, tenant improvements and leasing commissions.

December 8, 2016

Loans New Jersey Northeast Office

M&T Bank Closes $44M Loan for 434,000 SF Office Building in Roseland, New Jersey

by Amy Works December 8, 2016

ROSELAND, N.J. — M&T Bank has closed a $44 million loan for affiliates of Mountain Development and Square Mile Capital Management to complete building renovations and tenant improvements for an office building located at 56 Livingston Ave. in Roseland. Improvements for the 434,000-square-foot building include interior tenant space design work, a new and larger fitness center, a redesigned cafeteria and construction of an exterior lounge. Current tenants include Lowenstein Sandler, Connell Foley and Brown & Brown.

December 8, 2016

New Jersey Northeast Office

SJP Properties, Matrix Development Sell 337,500 SF Office Building in Newark, New Jersey

by Amy Works December 8, 2016

NEWARK, N.J. — SJP Properties and Matrix Development have completed the sale of Two Riverfront Plaza, a 12-story office building located in Newark. An international entity advised by Arch Street Capital Advisors acquired the property for an undisclosed price. The 337,500-square-foot property is fully leased to Panasonic Corp. of North America on a long-term lease. The building was developed in 2013 as Panasonic’s U.S. headquarters. Jeffrey Dunne, Darcy Stacom, Kevin Welsh, Brian Scott and Brian Schulz of CBRE Institutional Properties, in collaboration with Dudley Ryan of CBRE’s East Brunswick, N.J., office, represented the sellers in the deal.

December 8, 2016

Connecticut Northeast Office

RHYS Negotiates $18.5M Sale of Office Building in Greenwich, Connecticut

by Amy Works December 8, 2016

GREENWICH, CONN. — RHYS has arranged the sale of an office building located at 115 E. Putnam Ave. in downtown Greenwich. The Helen M. deKay Trust sold the property to 115 East Putnam Avenue LLC for $18.5 million. The 1.3-acre property, which is subject to a long-term ground lease, traded for more than $14 million per acre. The three-story building features 37,678 square feet of office space and 115 parking spaces. Cory Gubner and Christian Bangert of RHYS represented the seller, while Stephen Westerberg of Newmark Grubb Knight Frank represented the buyer in the transaction.

December 8, 2016

Indiana Market Reports Midwest Midwest Market Reports Office

Investment by Salesforce.com in Indianapolis Office Tower Creates Ripple Effect

by Jeff Shaw December 8, 2016

Downtown Indianapolis is already feeling the impact of Salesforce.com Inc.’s recent decision to lease more than 220,000 square feet for a new regional headquarters in the state’s tallest office building, located at 111 Monument Circle. The firm’s $40 million investment over 10 years includes expansion plans for its regional headquarters as well as changing the name of the 48-story office tower from Chase Tower to Salesforce Tower Indianapolis. This will be one of only four towers in the world that bear the Salesforce name — the others are located in New York, London and San Francisco. Salesforce.com, a publicly traded company (NYSE: CRM), is a business software provider best known for applications that help salespeople track customer contacts and marketers plan campaigns, according to The Wall Street Journal. The San Francisco-based tech company currently has 1,400 employees in Indianapolis and plans to hire 800 new employees over the next five years. The company is expected to move into the tower in early 2017. The firm currently leases space in three other buildings downtown. This speaks volumes about Indianapolis’ efforts to become the Midwest hub for technology. While Salesforce is one of Indianapolis’ largest technology employers, nearly 100 tech companies are …

December 8, 2016

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